Browse Hierarchy IFP3013: Microeconomics

Microeconomics studies in detail the demand behaviour of consumers and the supply contact of producers, showing how markets work and why different markets exhibit different forms of performance. It analyses the external environment in which a firm operates that is the nature of competition it faces, the type of industry in which it operates, the prices of its inputs, the general state of the economy and the global environment, and how consumers respond to all these inputs.